Ocean Protocol discusses Superintelligence Alliance’s impact on DF and veOCEAN

Ocean Protocol has explained how things will be rolled out after other partners of Superintelligence Alliance have concluded their respective ‘yes’ or ‘no’ votes. The outcome of their mechanism will majorly affect three aspects, namely Passive DF, Volume DF, and veOCEAN, with DF being an acronym for Data Farming.

All three aspects will continue operating normally and remain unaltered in the event that they provide a negative response (‘no’). In addition to compensating users for the time the activity was suspended, payouts will be processed per the schedule. Upon completion of the DF82 settlement on March 28, 2024, rewards for Passive DF and Volume DF will cease.

In a situation where they say ‘yes’ as an outcome, all three aspects will be removed from the ecosystem. The objective here is to ensure that the transition to ASI is seamless and aligns with the programs laid down by SingularityNET and Fetch. Users who have locked OCEAN for veOCEAN will be made in the following manner:

(1.25^years_til_unlock) – 1)*num_OCEAN_locked

The airdrop is scheduled to happen within weeks in the said situation. veOCEAN holders get a reward only if they have a payout of 25% APY for their lock period. Commitments, payouts, and expectations are the same as before, according to the official announcement by Ocean Protocol.

Neither scenario will have an impact on Predictor DF. Ocean Protocol took a snapshot on March 27, 2024, at 00:00 am UTC, in case the outcome was a ‘yes’.

The update follows the announcement of a merger between Fetch, Ocean, and SingularityNET, resulting in the creation of a new token named $ASI. As soon as governance sanction is obtained, FET, AGIX, and OCEAN will be migrated to ASI. The availability of a token swap will immediately follow the transition. The goal of the merger is also to focus on having an AI platform for businesses, governments, and researchers. The Superintelligence Alliance will supervise the merger and the subsequent processes.

Changes following the announcement about the merger are evident in the values of the respective tokens. For instance, Fetch.ai’s FET is up by 1.37% in the last 24 hours, listed at $3.30 at the moment. SingularityNET’s AGIX has surged by 0.91% in the last 24 hours, exchanging hands at $1.36 while the article is being drafted. OCEAN, down by 5.43% in the last 24 hours, is poised to climb later—probably around the time when Bitcoin Halving takes place or as updates continue to flow about the merger.

Data Farming, the incentive program of Ocean Protocol, is being paused to see how the governance protocol turns out for other partners. This could take several weeks, but the team is assured of taking relevant calls at appropriate times, depending on whether the outcome is yes or no.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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